Monday, September 27, 2010

S&P 500 ~ Elliott Wave Count 27 September 2010

The SPX rallied above 1137 on Friday invalidating my (bearish) short term count I posted on Thursday.

At the moment I'm neither bearish nor bullish, either these are the last waves of Minor wave 2 or the first waves of Minute wave [iii] up.

If this still is Minor wave 2 a possible target is 1158 ([a]=[b]). With some panic buying/short covering we may even see 1170-1175 but that's the maximum upside for this count. Above ~1180 I think this count is wrong and a big end of year rally is likely:

I've already posted this bullish alternative on Thursday and so far it looks good. If this really is wave [iii] up we may see SPX 1300! at the end of this year!

The next weeks should help to determine the trend for the next months/year.